U.S. markets open in 5 hours 18 minutes
  • S&P Futures

    4,127.00
    +2.50 (+0.06%)
     
  • Dow Futures

    32,762.00
    +25.00 (+0.08%)
     
  • Nasdaq Futures

    13,032.25
    +0.75 (+0.01%)
     
  • Russell 2000 Futures

    1,914.60
    0.00 (0.00%)
     
  • Crude Oil

    89.80
    -0.70 (-0.77%)
     
  • Gold

    1,806.60
    -5.70 (-0.31%)
     
  • Silver

    20.36
    -0.12 (-0.60%)
     
  • EUR/USD

    1.0206
    -0.0011 (-0.11%)
     
  • 10-Yr Bond

    2.7970
    0.0000 (0.00%)
     
  • Vix

    22.21
    +0.92 (+4.32%)
     
  • GBP/USD

    1.2084
    +0.0008 (+0.07%)
     
  • USD/JPY

    134.9960
    -0.1200 (-0.09%)
     
  • BTC-USD

    22,996.05
    -863.69 (-3.62%)
     
  • CMC Crypto 200

    534.29
    -23.06 (-4.14%)
     
  • FTSE 100

    7,479.63
    -8.52 (-0.11%)
     
  • Nikkei 225

    27,819.33
    -180.63 (-0.65%)
     

Hong Kong Monetary Authority to Study a Retail CBDC

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

The Hong Kong Monetary Authority (HKMA) is to begin a study on the use cases of a central bank digital currency (CBDC).

  • Hong Kong’s central bank is aiming to “future-proof” the financial center for the growth of CBDCs as part of its “Fintech 2025” strategy, announced Tuesday.

  • The HKMA has been working with the Bank for International Settlements to research retail CBDCs.

  • It will now study the benefits and risks of a retail digital Hong Kong dollar, or “e-HKD.”

  • In CBDC parlance, “retail” refers to a digital currency issued to consumers and businesses directly by the central bank without commercial banks or other entities as intermediaries. In this sense, it would be comparable to digital cash.

  • “The HKMA will also continue to collaborate with the People’s Bank of China in supporting the technical testing of e-CNY in Hong Kong with a view to providing a convenient means of cross-boundary payments for both domestic and mainland residents,” the announcement said.

Related Stories